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's time for business news. jamie has joined me. i know you're watching very closely this marathon e.u. summit, which is all about setting out the budget for the e.u.'s future. aum i think we sometimes tend to see this as being not an open figures, but i think this one is very important because of the possibility they might cut the budget for the first time in their history. in many ways, it's the end of an era, the end of an idea of a limitless expansion of the european union. the events being long and torturous. e.u. leaders have been going through the night as to try to agree as the next seven years, and it looks like a cut could be on the cards. this would be the first time, as i say, in its history. sums of money being proposed according to reports. leaders are closing in on agreement to set spending at around 9 0 billion euros, just short of that figure. some 275 euros a year for every living taxpayer in the european union. a massive 370 billion euros, about 40% of this entire budget, earmarked for subsidies to farmers and a fisherman. that pits them against the nations in south
: on that note -- dagen: a letter to the eu blasting the new tax on financial transactions because it is hurting investors worldwide. here with more is elizabeth macdonald. liz: it is coming from the financial services round table, the big u.s. bank. they are sending it to the eu. they sent it late yesterday. eleven countries are moving to the tobin tax. it is a 0.1% tax that would hit your 401(k)s. it is a blistering letter. you have to stop this tobin packs and it tracks. it will increase trading costs. it will diminish liquidity. it is a job killer. they also say they did not want a similar type of tax because it will kill jobs. the eu right now is in depression. it is in serious need of revenue. it will violate international treaties. they are worried about treaty protection. also, the big and run that is being talked about at the eu is that traders that assess this tax and do the trades outside that zone, those companies will not be allowed to do any trade transactions with those 11 countries whatsoever. this is serious breaking news for investors all over the world. connell: this would hit
competition and openness in the markets. this is something that is totally in line with the e.u. inspiration of social market economy, and we are lead by, first of all securing the sustainability of public finances in the long-term, including a pension reform, and also looking at the de facto for growth. infrastructures, long delayed in italy, we have simplified the process of building infrastructures and injected in acceleration on those. then the functioning of the markets and that we have introduced more competition for example, in the leader of professions, like to call themselves -- but many pressures to become liberal. and in the separation between gas production and gas distribution, to give you another example. all in the shopping hours and the commerce sector. also a lot of significant indication concerning -- of course this needs to be continued and one issue about the italian elections in which i will not go unless -- here today is which political configuration is more in line with the need to sustain these structures. but i believe that -- not even the largest countries can reall
historic when we accomplish it. that is to start the work on a u.s. e.u. trans-atlantic trade that investment or airship to grow prosperity on both sides of the atlantic. it is no secret that we both faced economic challenges. we all do in this new marketplace, and a global challenge the marketplace. the fact is that europe freestanding aloud is the largest economy in the world and when you join that together with the united states of america, we have a powerful ability to be able to affect the rules of the road and to be able to raise standards and most importantly create jobs for all of our people. europe is already america's largest trading partner. a disagreement will create more jobs for additional investment and nasty note earlier this month, president obama made it clear this is a top priority for the united states. we also discussed the responsibility that we share to support fragile democracies across the world, across the monograph from libya to tunisia and beyond. i say to our friends here in the united kingdom, it is in our mutual interest to see that these fledgli
barnes, thank so much. >>> the eu leaders have agreed to a drastically reduced budget. the seven-year deal for 1.28 trillion dollars is the first spending cut in the union's 27-year history. it must still be approved by the eu parliament and lawmakers are already suggesting massive cuts are not acceptable. police in three western states and mexico are still searching for a former lapd officer who was accused of killing three people and threatening dozens more. let's get an update tonight from lapd headquarters and correspondent alicia acuna. >> reporter: because of the heavy snow in the mountains, the air search with the heat seeking equipment they've been using has been grounded. however, officials do say snow on the ground does help them track folks. >> our folks are highly trained. that's what h we train for. >> reporter: the manhunt for christopher dorner carries on despite the snow. >> we're going to continue searching until either we discover that he left the mountain or we find him, one of the two. >> reporter: the last signs of the fired lapd officer were the tracks leadi
. >> for the memo at least, peter, good news. peter barnes, thank so much. >>> the eu leaders have agreed to a drastically reduced budget. the seven-year deal for 1.28 trillion dollars is the first spending cut in the union's 27-year history. it must still be approved by the eu parliament and lawmakers are already suggesting massive cuts are not acceptable. police in three western states and mexico are still searching for a former lapd officer who was accused of killing three people and threatening dozens more. let's get an update tonight from lapd headquarters and correspondent alicia acuna. >> reporter: because of the heavy snow in the mountains, the air search with the heat seeking equipment they've been using has been grounded. however, officials do say snow on the ground does help them track folks. >> our folks are highly trained. that's what h we train for. >> reporter: the manhunt for christopher dorner carries on despite the snow. >> we're going to continue searching until either we discover that he left the mountain or we find him, one of the two. >> reporter: the last signs of t
against the e.u. imposed austerity and they did it in two forms. they voted down dramatically mario monthty who was the symbol of that as you -- austerity and the e.u. driven reform process. secondly they have voted with incredible, incredible strength and voice the movement of, five-star movement, untie establishment, untie austerity movement that tries to fight the old establishment in italy. ashley: now we have best sawn any from the center-left party who tries to form a coalition government which of seems next to impossible. so does that raise the specter of another election and how soon would that be? >> that is my opinion. my call is that here, the question is not if, the question is when italy will have early elections and i believe because of some institutional delays, as well as current situation, italy could go to new election between six and 12 months from now. i think earlier than six months it is very difficult because of the institutional situation. but bersani has a very difficult job. he already offered a hand to mr. grillo to form a coalition and mr. grillo turned h
the eu or china somehow swallowing up every bit of innovation that exists in the world. they're no longer, i think, worried about our -- our economy being overwhelmed beyond our shores. stuart: a little awkward on the timing there and finally, ben bernanke will give his update on the economy to congress today. is he going to keep printing money to make up for the dire spending cuts that could start friday or to protect the economy against europe? what's he going to do? is he going to keep printing money or not? we'll be here right at ten o'clock to find out exactly what he's going to do. it will affect the market. all right, next, we're following up on the big story, the big stock selloff and ask, why do the italians have such a big impact on our money and plus, the governor of kansas, we'll ask sam brownback his push to eliminate the income tax. and i've got good news on housing, too. ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webi
to review by scientists at regulatory agencies. the 2008 e.u. risk assessment for pdcpp using all the best information available concludes that tdcpp gives no reason for concern to human health in relation to the physics chemical properties. couch manufacturers are mandated by law to use it in the foam stuffing. it's a little known law in california known as technical bulletin 17 which says the couch must be able to withstand exposure to a small flame for 12 seconds without igniting. while the regulation applies only to california, manufacturers use it in all the products instead of creating special furniture for the west coast. >> that is what is left after a couple minutes of burning. >> i believe fire retardant is good but they should use other chemicals or safe chemicals that doesn't affect the breathing of other people involved in it. they should find other methods to make the fire retardant safer. >> reporter: there are no warning labels so you don't know what chemicals are inside your couch. >> even if i wanted to make a choice about it, i wouldn't have been able to plaque a choice.
move in a couple of weeks to, i hope, the negotiations on the e.u. budget. .. in the last 12 months, we have come back to the market. can you tell us a little bit more about the structural economic reforms. particularly repairing the banking system, which i feel is the exemption of growth. >> yes, two years ago when the administration was elected, it actually lasted 250,000 jobs for the two years prior to that. reputation is in shreds around the world. our banks are dysfunctional. there is a complete sense of hopelessness and despair and disillusionment. now, gordon was elected with a very keen mind. we have a strategy and a plan that works. the banks are being recapitalize and restructured and have been back in the market as this program began in 2013. there are double-digit figures and our people have had to take really serious challenges. his government made really serious decisions or if it is an example of the government works and understands the patience of people, putting up with these changes in the greater picture of things. now, we expect to do better. but we cannot do without
with asean, singapore, japan and korea. and we're also in dialogue with the eu. we have been talking about a bilateral investment treaty, but not necessarily with a due sense of urgency. for meeting since negotiations started in 2007 does not suggest a great deal of haste. much as it might surprise, we want this as much as you did because it is also of interest to us. ladies and gentlemen, important as they are, market access issues, and goods and services, and i to be seen perspective for they can be made to define narrative. why we must work to sort out these challenges, it is not in our interest to let such issues define the relationship. this is why we have proposed to create an ad hoc clearinghouse mechanism to discuss market access issues in the trade policy forum. i believe that we also need to find a new positive narrative that can bind our countries closer together. one such opportunity i feel is in the energy sector. without a shirt access to energy inputs in sufficient quantities, we will not be able to sustain our economic development. therefore, an enduring in the u.s. partner
with the eu. not necessarily with a decent of urgency. it does not suggest a great deal of pace. it may surprise you that we want this as much as you do. ladies and gentlemen, important as they are, services can be seen in perspective " for be made of the defining narrative. while we must sort out these challenges, it is not in our interest to define racial profiling. we will discuss market access issues at the trade policy forum. we also need to find a positive narrative that will bind our countries together. one is in the energy sector. without access to energy inputs, we will not be able to sustain economic development. therefore, an enduring partnership should not only cover technological and regulatory aspects, but established commercial partnerships. as the u.s. becomes a net exporter of energy, we hope we can develop mutually beneficial partnerships. renewable energy, biofuels and emission technologies. in each of these cases, there can be immediate benefits for both sides. you're interested in exporting natural gas and exporting to non fta countries would help stabilize internat
as a terrorist organization. the second thing, in 2006 you were one of 12 senators who refused to position the e.u. to identify hezbollah as a terrorist group. third, in november of twee, you failed to -- 2003, you failed to vote on a syrian accountability act with sanctions -- occupation of lebanon. four, in 2001, you were one of only two senators that year to vote against renewal of the iran-libya sanctions act. and lastly, in 2001, you were one of four senators who refused to sign the letter supporting israel. are those accurate? >> well, let's start with the -- >> no. i just want to know if the statement -- these are votes that took place. do you agree those votes took place? >> i want to ask the letter that you just noted in your fifth point, what was the date in the letter? >> the date. >> you said i refused to sign letter. >> october of 2001. >> a letter to -- >> ok. skip that one. is the other ones true? >> well, it was fairly important -- >> it's very important. i was holding the letter at the time that we were gathering signatures. >> i see. on the 2008 question regarding designating the
the rights in the eu for compensation. so if you can't fly through a volcanic ash situation, they have to delay, you're going to have to pay somebody. those kind of rules are frankly stupid, and airlines are just going to have to raise their fares to cover the. >> jenna: the europe courts think this is a fair way to go. do you think it will come to the u.s. courts and carriers as well? >> reporter: oh, there are consumer twits out there all over the place that would love to see this happen. the fact of the matter is the unintended consequence of this would be outrageous. the three hour tarmac rule we have today, there weren't a lot of those, but it has increase airlines canceling flights when they think they might not get people off an airplane. if you really want more expensive tickets and want to have less air service, this is a great way to go. >> jenna: i might be a little bit, don't tell anybody, of a consumer twit when it comes to this because i do want some accountability when we fly. when you walk up to the desk and they say there's a delay, and you have no other options, you f
, but not much more than that. the eu is providing non-legal aid, i am wondering if the u.s. is considering this? and if you are ceding influence for the ron. afghanistan has asked u.s. troops to leave the province and i think within two weeks, can we get your comment on that? >> with respect to afghanistan, i understand the concerns they have expressed. appropriately, when a complaint they may have thought to be appropriately evaluated. they will be, i assure you. i have taken appropriate note and i have had a great deal of involvement in afghanistan with president karzai. there are evaluations of how things might have gone wrong or might have changed. we are working on a bilateral security arrangement and this transition process. we have had a very good conversation with the president. president obama talked to him before making announcements. we have listened very carefully to his observations about wanting to speed up the transition with respect to management of security. i can assure you that we are finely attuned to the needs of the afghan people, and the most effective ways to make this t
also say the good news out of europe this morning putting a bid under the market with eu leaders agreeing to budget cuts for the first time in seven years. what's not to love? >> everything is to love. the volume is light, it doesn't matter, and generally i would have disputed that, but i think volume is light, if it would have been bigger then we would have had more to the upside. i think a lot of volume is due to people going home. i sense the sentiment is correct, people like this market. they like it. liz: they like it. okay. it's that moment at the moment until there is some type of negative headline; right? i mean when you look at that, that's what's been our biggest problem. >> i think it has been. this has been headline driven for the last three or four years. i think since january truly people have decided they are going to put their money in the stock market. i mean they think the fundamentals are getting better. we saw this this morning with the data out of china and the u.s. i think people are continuing to feel better, and as long as they are feeling better, they are
. this is something that is totally in line with the e.u. inspiration of social market economy, and we are lead by, first of all securing the sustainability of public finances in the long-term, including a pension reform, and also looking at the de facto for growth. infrastructures, long delayed in italy, we have simplified the process of building infrastructures and injected in acceleration on those. then the functioning of the markets and that we have introduced more competition for example, in the leader of professions, like to call themselves -- but many pressures to become liberal. and in the separation between gas production and gas distribution, to give you another example. all in the shopping hours and the commerce sector. also a lot of significant indication concerning -- of course this needs to be continued and one issue about the italian elections in which i will not go unless -- here today is which political configuration is more in line with the need to sustain these structures. but i believe that -- not even the largest countries can really keep a momento for growth or resume a momen
-- not pipeline, partnership. he announced the united states was ready to begin negotiations with europe on a u.s.-eu trade ownership. we could not agree more. let's hurry up and put american business to work. let's get these deals done. by the way, it is not just about asia. it includes all the coasts of the united states and canada and america. it is fascinating. we need to get this going and move that european deal. the working group is about to put out a report. i think it will probably sustain the best teams we can think about. let me give you this in a minute. europe is in a slow economy. europe is our largest export partner. europe is china's largest export your. china is our fastest growing export partner. if europe goes into the can, the whole triangle goes in the can. that is a bad idea. this would be huge on both sides of the pond. there are a lot of big trade agreements that have been talked about for a long time. these would put cash on the table right now. it is important that we welcome global investment. we want people to bring their cash here. come here and invest or come here and vi
in its history. officials say there is a broad framework in place. even if the deal clears the eu, it must also pass the european parliament. the u.s. trade deficit unexpectedly narrowed in december. according to the commerce department, the trade gap fell on the drop of oil imports and hire exports. 16% say they are late at least once a week. the most common excuse is traffic. that is the latest from the fox business network. giving you the power to prosper. ♪ [ shapiro ] at legalzoom, you can take care of virtually all your imptant legal matters in just minutes. protect youramily... and launch your dreams. at legalzoom.com we put the law on your side. your financial advis should focus on your long-term goals, not their short-term agenda. [ male announcer ] join the nearly 7 million investors who thinlike you do. face time and think time make a difference. at edward jones, it's how we me sense of investing. dagen: talk about a recovery. the number of homes sold for $5 million or more hitting a record number in california last year. that is where we find robert gray. in the holl
as they are inside the d.c. beltway. they do not want to lose their jobs. if the e.u. implodes they all lose their jobs. they will continue to paper over this thing and try to buy more time. ashley: yeah. tracy: take it back to here at home. let's play this out for people. state of the union comes, market falls off. should i make a shopping list of things to buy when it does. >> yeah. i think that is a real good strategy. we've been fairly constructive. i came in, i got into a slight argument with one of the anchors here coming into one of the fiscal cliffs talking about armageddon. i advised it would not be armageddon. i lived inside the beltway. when push comes to shove the boys and girls typically come together. i think they will do the same thing on the upcoming debt ceiling and sequestration. ashley: so if we do have this pullback after the state of the union, jeff, what sectors or stocks in particular do you like? >> i actually like all the sectors except the consumer staples. a lot of portfolio managers, professional money has been hiding out in the consumer staples because they were
. but that came after mario draghi said growth in the e.u. would not be that great. so that offset each other. then the seaway pipeline story that the oil stuck in cushing, oklahoma, would not get out of there quite as quickly as we hoped. it will take a lot longer. so the refineries in the gulf coast get prepared to refinal the crude. so you have all of that. then you have natural gas. it is getting cold again. natural gas is up on a lot of nuclear power maintenance and increased demand expectations. we're probably getting to a historic low on the gas market. keep your eye on it, tracy. turn your heater up because it is heating up today, 12 cents. back to you. tracy: yes, i keep it a balmy 72 in my house. ashley: you look like that in the studio too. we fight it about it every day. thank you, phil. gas prices are up 13.3% in the past month alone according to aaa. even as oil prices remain pretty much flat in the same period. so what gives? no one better to ask than tom kloza, the chief oil analyst for opis which provides aaa by the way with gasoline data. right from the horse's mouth, he joi
friends in china, brazil and india need to be very offensive to. connell: eu ambassador to the u.s., thanks a lot. dagen: jack lew's confirmation hearing underway. he is facing some heavy scrutiny for his time spent. connell: rich edson is following this for us on capitol hill. rich: president obama pointed out that romney's time as a banker. all of that. also, jack lew's pay at citibank. >> in 2008 i was in employee in the private sector. i was compensated for by work. i will leave for others to judge. rich: that is something that republicans are calling hypocrisy. jack lew is saying he would like to get both individual and business tax reform done. republicans have been floating at the corporate side at 25%. it would be challenging to get there. he would like to, on the individual side, raise some revenue. he says he is looking forward to working with lawmakers on overhauling both the individual and corporate tax codes. something that will probably take an awful long time here. dagen: thank you. rich edson in washington. connell: we have charlie rangel coming up. you probably h
. in europe, the eu summit continues. but the action really taking its cues from china this morning. we have green arrows across the board in europe. take a look at asia. strong eco data out of china in focus. much more on that in just a moment. the road map begins at the golden arches. not even the cheddar onion burgers could help mcdonald's. they missed estimates in every region. asia was down a whopping 9.5%. >> exports boomed 25%, inflation cooled, but met expectations, capping off a two-week winning streak for stocks. >> a blowout quarter, users increase continued in momentum. >> the storm could be one for the record books. forecast calling for as much as 2 1/2 feet of snow in some parts of the northeast. already more than 3,700 flights have been canceled. we'll get more from the weather channel on the path of nemo. >>> mcdonald's down 1.9 in january. middle east and africa, europe saw a 1%, 2% decline. u.s. the only bright spot. comps up 9%. even some suggestion that asia, which is 40% japan, but also china, got tainted with the chicken contamination scare. >> that wouldn't surprise me
sanctions is by legislation, under the legislation, and then we have the e.u. sanctions and others that people follow mandated by the security council. the e.u. seems to be more flexible than we are, so there is operating room there. there is operating room in not putting more sanctions on the table could be helpful as an initial step. that would be important. each one of these the president would have to explain he is getting value, that the europeans to take sanctions off central banks and petroleum. that we could do things that i think are absolutely necessary. we have had a longstanding policy of not sanctioning food and medicine for good reasons, and when i was in the security council, in iraq we made them carefully. that got screwed up in oil for food, and i do not want to talk about that, but that was an example of how things could go wrong. the basis was the right basis and that even in the worst of all possible situations, you cannot punish the population, particularly, for the sins of their leaders, especially if they did not choose the leaders. we have a situation where
either by europe at large, the e.u. or china somehow swallowing up every bit of innovation that exists in the world. they're no longer, i think, worried about our economy being overwhelmed beyond our shores. >>brian: we're not worried about china hacking and taking our intellectual property. >> with respect, i think the vice president is flatout wrong. it does affect us economically what happens over there. chaos in europe, mass recession in europe, the fallout, maybe the collapse of the euro currency, that does affect us economically but also politically. can president obama now go on a road show as he will today and push for higher taxes which is what got italians into trouble? can he push for maximum infliction of pain on america? can he do that in light of what just happened with the voters in europe? i suspect there are economic and political fallout in america from what happened yesterday in italy. >>brian: if he could do that by not connecting the dot, a responsible leader would connect the dots and talk about how they're related. i'm not an expert on italian politics, but when
works. now when you work on a problem like this, as we do in the u.s., perhaps not at the scale the e.u. will, we'll find out. you learn not only more things about the brain but you learn how to build better computers and circles around and all boats rise. but the one mess age i want to leave with you with is that basic research still done in universities primarily including this new world of use inspired basic research with good interaction with companies and so forth producing the independenceble feed stock for companies and especially for young entrepreneurial companies that increasingly drive innovation, products, and jobs. mr. chairman, rajing member johnson, thank you for the opportunity to be here. i'll be happy to answer any questions. >> thank you. thank you for your testimonies today. i'll recognize myself for five minutes to ask questions and mr. templeton i would like to address my first question to you. let me preface by saying this in the united states every year $400 billion is spend on research and development. about $140 billion comes from the federal government. those
-- inside "the baltimore sun" -- then in foreign affairs news -- then, the eu decides not to arm rebels in syria -- that is the washington post this morning. bp is ready for court -- the washington post is reporting about strange bedfellows -- there is a provision in the bill that charges a smoker 50% more for medications and patience to do not use a stick -- who do not use tobacco. here is a quote -- we're talking about armed guards in school. we have time for one more phone call. nick in columbus -- colombia, maryland, you're the last. caller: good morning. thank you for having me on. host: what are your thoughts? caller: we are very reactive, not proactive. it is only a matter of time before we should have expected something like this to happen in a school. this keeps repeating and repeating. we put guards in their pour about four years. then we cut money out of the budget. something will happen, we will put them back in. for my republican friends who said he wants teachers to take training, they cannot stop dating our students. how will they be able to carry a gun? i do not think th
for secretary of defense. hagel refused to sign a letter that asked the eu to declare hezbollah a designated terrorist group. he doesn't want to dictate foreign policy. the fact of the matter is members of congress who enact the legislation determining that it's illegal to provide support for terrorist groups like hezbollah and hamas and hagel said we need not to go at this alone and cross border support to defeat hamas and it's extremely troubling that the so-called future, perhaps future secretary of defense refuses to work across the pond, to ensure the safety of america. >> at a time when we are, remember, the netanyahu speech before the u.n. and showing the red and the bomb and tipping point. at a time when we have israel making real warnings about iran getting nukes and what israel would do in response this is the guy heading up the pentagon and obviously israel will want our help if they find themselves in an armed conflict with iran. what are the stakes for israel in seeing hagel? president obama is going to set that policy not hagel, right? but he's got some independent power. >> we
. but if the questioning gets difficult i'm going to try to look like i were him and direct the questions away from 3450eus. the central question is why is the economy not growing faster after a deep recession? and i think there are three primary reasons for that but before i state those reasons i would like to make one factual observation which is this is not the weakest recovery in memory. it is not the weakest of the last two. the 2001 recovery was substantially slower than this one. what is different about this one is it is not v shaped in the way professor points out in his testimony. it was after the deep recessions of 1975 and 1982. i think there are three reasons why that is. the first is this recession came from the popping of a bubble unlike the 1982 and 1975 recessions and popping bubbles are much more difficult to escape from the grips of than are the other. so in 1982 my dear friend paul voker rose the -- the interest rates rose to over 20% on mortgages. economic activity slowed dramically as interest rates came down that pinned up demand came right back. that is not having a do a lot of stru
countries don't have this issue, but think about the health care system would work for the e.u.. that is a closer model than the health care system that works for the health care system and thinking about one of our larger states adopting at so it is going to be recognizing that we have taken one step in terms of expanding coverage. we are still struggling with how to get a more efficient outcome oriented health care system and it is going to take a lot of changes over the next decade or two decades. we've been having some of these discussions in medicare since its inception. this isn't going to be so because one piece of legislation was passed. it was health care reform 1.0 triet hang on. the rest is going to becoming for the next decade or two. >> in our history we have had problems in the policy development and looking at health systems abroad because of ideology. it must be terrible. but i think that what is happening as we have identified a whole range of more technical issues. how to pay organizations, how-to and sent individual providers, how to engage the patience that
responding to the eu budget meeting which is reportedly winding up right now. there has been a lot of auction. adding 20% candidate as i can see here. the stoxx 600 is adding about 0.5% all told. take a look at this, bwin.com, there's talks about new jersey governor chris christie opening up online gaming. it leaves the possibility out there for atlantic city casinos to offer games like poker online. so bwin has a join venture with boyd gaming which is licensed in new jersey. and the view among analysts is that other states, potentially federal legislation could follow suit. this is a small step in the direction of perhaps allowing more and more of the u.s. market to gamble online, like you can already with this one. up 19%. watch shares generally speaking in the gaming session today because you can expect there will probably be some similar moves. just the final word, we saw the yen strengthening avenue the yen appeared to talk down some of its easing moves. the yen was still 1% stronger. the nikkei ended the day 12-day winning streak with one of its longest. back over to you. >> thank you,
of say, how about the last few years? the u.s. emissions are down, i think 8%. e.u. emissions are down 9%. chinese emissions are up 30%. look at where the coal is being burned. i think in five years india is supposed to become the second largest burner of coal right behind china. the gobal picture -- if the national one isn't enough to make you cry, think globally about where we're going. so that's the crying part. you asked me for bright spots. there are actually are some, so relax. the new car standards will double fuel economy by 2025. california is moving ahead and it is a real bright spot. they are strengthening their targets, that's a bright spot. they got a plan, they have a program, south korea is thinking about instituting emissions trading. china has seven experiments around the country looking at emissions trading. you see some signs then you have these big looming clouds. we have to find a way to get through this and, god, i hope you're not looking for me for all the answers. it isn't all bleak but people better get on to it and get on to it really fast. otherwise it will get
overwhelmed either by europe writ large, the eu or china somehow swallowing up every bit of innovation that exist in the world. they are no longer i think worried about our economy being overwhelmed beyond our shores. but, and i don't think there is no, very little doubt in any circles out there about america's ability to be in position to lead the world in the 21st century. not only in terms of our foreign policy, our incredible defense establishment, but economically. i think the american people are ready to get up as a civil rights leader when i was coming up as a kid said, the american people are just tired of being tired. get up and move. you guys know that because it's happening in your state. you're probably feeling it in your fingertips more than most of us do here in washington. and as i said i think they know we're better positioned than any of the nation in the world to lead the world. and that's what i think they are so frustrated by what they see and don't see happening here in washington. and i think their frustration is turning into a little bit of anger. i found an inte
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